DDM Analysis: 601966.SS

Valuation Snapshot

Stable Growth	$66.80 - $163.32	$153.05
Multi-Stage	$23.88 - $26.14	$24.99
Blended Fair Value	$89.02
Current Price	$15.34
Upside	480.32%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	29.28%	26.36%	0.87	0.06	0.16	0.46	0.35	0.24	0.21	0.14	0.20	0.16
YoY Growth	-	-	1,387.32%	-62.77%	-65.72%	31.31%	44.86%	12.41%	57.83%	-32.58%	25.63%	91.23%
Dividend Yield	-	-	4.89%	0.28%	0.80%	2.07%	0.74%	1.22%	1.19%	0.78%	0.81%	0.86%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,207.87
(-) Cash Dividends Paid (M)	512.52
(=) Cash Retained (M)	695.35

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	241.57	150.98	90.59
Cash Retained (M)	695.35	695.35	695.35
(-) Cash Required (M)	-241.57	-150.98	-90.59
(=) Excess Retained (M)	453.78	544.37	604.76
(/) Shares Outstanding (M)	1,470.84	1,470.84	1,470.84
(=) Excess Retained per Share	0.31	0.37	0.41
LTM Dividend per Share	0.35	0.35	0.35
(+) Excess Retained per Share	0.31	0.37	0.41
(=) Adjusted Dividend	0.66	0.72	0.76
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$66.80	$153.05	$163.32
Upside / Downside	335.44%	897.74%	964.66%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,207.87	1,286.38	1,370.00	1,459.05	1,553.89	1,654.89	1,704.53
Payout Ratio	42.43%	51.95%	61.46%	70.97%	80.49%	90.00%	92.50%
Projected Dividends (M)	512.52	668.22	841.99	1,035.53	1,250.67	1,489.40	1,576.69

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	621.32	627.21	633.10
Year 2 PV (M)	727.96	741.82	755.82
Year 3 PV (M)	832.45	856.35	880.70
Year 4 PV (M)	934.85	970.80	1,007.78
Year 5 PV (M)	1,035.17	1,085.16	1,137.08
PV of Terminal Value (M)	30,976.51	32,472.69	34,026.13
Equity Value (M)	35,128.26	36,754.03	38,440.60
Shares Outstanding (M)	1,470.84	1,470.84	1,470.84
Fair Value	$23.88	$24.99	$26.14
Upside / Downside	55.69%	62.90%	70.37%

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Shandong Linglong Tyre Co.,Ltd. (601966.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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